In statistics, a statistic that defines the center of a distribution, such as the arithmetic mean or average, the median, or the mode.

In statistics, a statistic that describes the spread of values about the mean of a distribution, such as range, variance, and standard deviation.

Midpoint of the observations ranked in order of value; half the observations lie below and half above; the middle value (also known as the 50th

A jointly funded federal and state program that provides hospital expenses, medical expense coverage, and in some cases long-term-care-type coverage to the low-income population and

A data pooling organization that maintains information on individuals who have applied for insurance with life and health insurance companies that subscribe to the bureau.

A trust created exclusively for paying qualified medical expenses of the account holder. Allowable contributions are tax-deductible and growth is tax- free if the account

A federal government medical insurance plan originally for individuals age 65 and older or disabled. The age requirement has been raised based on year of

Also known as “Medigap”, individual health insurance coverage designed to bridge coverage gaps in Medicare.

A federal regulation that requires employers to provide coverage for the diagnosis and treatment of mental illness and substance abuse under the same terms and

Two or more organizations that create a new entity, agree to move forward as one and issue the appropriate ownership interests (common stock, memberships, partnerships,

Acronym for Managing General Agent

Acronym for Managing General Underwriter

As a consequence of COVID-19 and the closing of schools, parents have started organizing “microschools,” or homeschooling pods, where groups of three to 10 students

Provides a lower level of benefits with a lower premium.

Automatic 60-day extended reporting period allowing for the making of claims after expiration of a “claims made” liability policy.

Also known as “minimum continuation premium”, the premium that is lower than the target premium. It is used in universal life policies to skip premiums

In retrospective rating, the minimum amount of premium to be paid by the insured, determined by multiplying the minimum retrospective premium factor by the standard

A self-insured health plan that includes a maximum dollar amount that an employer must pay for claims.

In retrospective rating, a factor established by agreement between the insured and the insurance carrier to determine the minimum premium.

A misstatement of facts regarding the subject of insurance (the item being insured).

Legal concept that imposes a duty on an injured party to exercise reasonable diligence and ordinary care in attempting to minimize damages after injury or

Also known as a “hybrid HMO”, are closed-panel HMOs that expanded their market by offering an open model product on a regional or national level

Observation that occurs most often in the sample; the highest frequency.

Depreciation by IRS schedule according to the type of asset; ach MACRS class has a predetermined schedule used to determine the percentage of the asset’s

Examining and evaluating the results of risk management actions and plans; an element of the Risk Administration step of the Risk Management Process.